GST Implementation in Malaysia
The Malaysian government has replaced its former tax system of SST (the Sales and Service Tax) with the new GST (Goods and Service Tax) system to enhance the effectiveness and efficiency of the country’s taxation system.
Goods and Service Tax system is a transparent, effective, pro-business, and efficient tax system that has the potential to improve economic growth and increase global market competitiveness. Also, since it is not that vulnerable to the fluctuations in the economy, it has the capacity to generate a stable revenue source.
Furthermore, GST has also been introduced by the Malaysian government to overcome the problems related to the existing Sales Tax and Service Tax system such as value shifting, compound effects, transfer pricing, classification problems, no proper relief on the goods exported and cascading.
The GST rate in Malaysia is nearly 4 percent while the registration threshold is 500,000 MYR per year. It is important for businesses, both local and foreign, that have taxable supplies of more than 500,000 MYR, to register with and implement GST. However, the scope and complexity of GST requirements often makes it difficult for companies to correctly implement this tax system. And do you know that incorrect system implementation can not only negatively impact your accounting functions but also have implications on other business processes like procurement, sales & management, supply chain, etc?
If you’re also struggling with GST implementation, then look no further! At 3E Accounting, we specialise in GST implementation services. We promise you smooth and quick GST adoption into your existing business model.
Our GST Implementation Services Include
Our team will assist you with reviewing industry processes, issues, transitional issues, administrative problems and also assess your business implication. Our team will also review your accounting system and check its readiness to Goods and Services tax system.
Other services include:
- Identification of the availability of the GST Scheme to businesses
- Reviewing material contracts and their GST implications
- Reviewing and advising on both record-keeping requirements and documentation format
We, at 3E Accounting, work with you in your best interest and make sure that you implement the GST system in your business landscape correctly and become GST compliant.
For more information on how we ensure GST implementation or service assistance, get in touch with us today! Contact us for inquiries and services.
Become GST compliant and tap all the benefits that this newly introduced tax system has to offer to businesses.